The founder and chief executive officer of Tesla has sold almost 8 million shares of the American brand as a precautionary measure in the face of the legal dispute initiated against him by the social network Twitter.
Twitter is beginning to make life bitter for Elon Musk, who last April reached an agreement with the owners of the social network and subsequently retracted it, alluding to a much higher number of SPAM profiles than he had been given. initially reported.
The initial purchase agreement was closed in $44 billionbut after retracting Elon Musk, Twitter sued him and now it will be the courts who decide if the founder of Tesla is obliged to finalize the purchase.
The trial will begin on October 17., but Elon Musk has already begun to prepare for a possible defeat and begins to make cash in case it is finally necessary. The reason given by the technology tycoon is that it would be unwise to make a hasty sale.
Loading tweet…
1557199404301307904
Elon Musk has made a series of moves in recent months that have considerably reduced his share volume in Tesla, the most prestigious manufacturer of electric cars.
Between August 5 and 9, Musk has sold 7.92 million shares, so he now has just over 155 million, that is, approximately 15% of the total shares of Tesla.
With this last move, Elon Musk has already raised $32 billion in the last year. Before withdrawing the purchase offer from Twitter, the request for a loan of 12,000 million with its Tesla shares as collateral led to a sharp drop in their price.
Nevertheless, Tesla shares are up nearly 15% since the automaker reported better-than-expected profit in July. Something that was positively influenced by the Biden administration bill that, if passed, would lift the cap on tax credits for electric vehicles.
Since the confirmation of the sale of shares by Elon Musk on Tuesday, their value has started a downward trend again, although in a much less pronounced way than on previous occasions.
Font: Reuters